Benzinga | Feb 19, 2021 03:58PM EST

Energy Income Partners Notifies TC PipeLines, LP Board Of Intent TO Vote Against Proposed Merger With TC Energy Corp.

WESTPORT, Conn., Feb. 19, 2021 /PRNewswire/ -- Today, Energy Income Partners ("EIP") advised the Board of Directors of the general partner of TC PipeLines, LP (NYSE: TCP) of its objections to and its intent to vote AGAINST the proposal to approve and adopt the Merger Agreement with TC Energy Corporation (NYSE:TRP). A copy of EIP's letter notifying the Board of its intent and detailing its objections are available on EIP's website, www.eipinvestments.com.

EIP is the largest non--affiliated unitholder of TCP, owning more than 10% of the units outstanding and has maintained a position in the company for nearly 15 years. EIP believes TRP's offer of 0.70 common shares of TRP for each unit of TCP is inadequate because the consideration currently offered significantly undervalues TCP's assets and existing organic growth opportunities.